Flutterwave CEO explains why African fintechs are becoming banks

Flutterwave CEO Olugbenga Agboola said at the Moonshot conference in Lagos that fintechs need banking licences to control their payments infrastructure and offer credit. In April Flutterwave obtained a national microfinance banking licence through its acquisition of Mono; the company has processed over $40 billion in lifetime payments and serves more than 2 million businesses.

• Flutterwave secured a microfinance banking licence via its April acquisition of Mono
• The company has processed over $40 billion in lifetime payments
• More than 2 million businesses use its platform
• In June Flutterwave raised a Series E at a $3.25 billion valuation